08/31/2011 Intraday Watering

[Ninja Trader]

I think for a lot of the "newbies" here asking Cobra several times in the last week if he is contradicting himself

I think it's important to understand the concept of varying degrees of trend

I think it's also important for a newbie to observe that a pro trader changes their mind quickly if the market demands it.

As for EWI, Glenn Neely has destroyed their performance a decade running yet I never see anyone mention his calls. timers digest has him rated top timer on the 3 month, 6 month and 12 month for stocks, he's also cracked the top 5 bond timers, which is quite impressive.

Anyway, he's also looking for a short, just higher than where EWI is talking from, and he has a totally different count that the forced motive waves EWI has painted for 15 years now.....

[EvilTrader]

The move this morning smells like a bull trap, but how do we know.

[99er]

Paging Tabby...

An AB=CD correction on SPX just completed at the upper boundary of a Bear Flag, completing what an Elliottician (I'm not) might call the top of Wave 4. Now for surfing fans...Wave 5 down. Good luck.

10-4

[uempel]

I posted this chart early morning (or was it late at night?) on Cobra's blog. It's still valid. Criteria for a bullish move is met. Exit immediately below 1212/1215.

[jarbo456]

Paging Tabby...

An AB=CD correction on SPX just completed at the upper boundary of a Bear Flag, completing what an Elliottician (I'm not) might call the top of Wave 4. Now for surfing fans...Wave 5 down. Good luck.

10-4

charts! i love your charts 99er. lol

[Ed02]

Cobra, what is the typical behavior after "an exhaustion bar"? Going down? Thanks.

[Cobra]

if we go up and up here, guess NYMO and T2122 would make a record today, in fact, no matter how today closes, T2122 definitely will have a record high that is 100% meaning, all stocks are at 4 weeks highs.

[KENA]

99er..But, But the mkt is going against all odds. Wait and see.Mkt to Bullish.

[Cobra]

Cobra, what is the typical behavior after "an exhaustion bar"? Going down? Thanks.

pullback.

[janez]

folks, Trend is up. do not short.

[WhyNot]

Hello cobra.

Can you post Spx/Nymo?

Thank you.

[uempel]

Resistance up at 1233/35, support down at 1225.

[keesa]

Cobra, what is the typical behavior after "an exhaustion bar"? Going down? Thanks.

pullback.

IMHO, with yesterday's ugly closing, bulls can sit tight and ride longer today.

[sola]

On mornings like these, you can see why Cobra does not front-run the market.

I want to short very badly, but am still waiting. If I miss my entry, then oh well -- better to be out of the market wishing I was in, than in the market wishing I was out.

[Mongoose]

I think for a lot of the "newbies" here asking Cobra several times in the last week if he is contradicting himself

I think it's important to understand the concept of varying degrees of trend

I think it's also important for a newbie to observe that a pro trader changes their mind quickly if the market demands it.

As for EWI, Glenn Neely has destroyed their performance a decade running yet I never see anyone mention his calls. timers digest has him rated top timer on the 3 month, 6 month and 12 month for stocks, he's also cracked the top 5 bond timers, which is quite impressive.

Anyway, he's also looking for a short, just higher than where EWI is talking from, and he has a totally different count that the forced motive waves EWI has painted for 15 years now.....

I think its important to understand, too, there is no point in pointing out the sun is going to rise just as the dawn breaks. The point in successful and profitable trading is to position oneself prior to an event, or price movement. If one is changing their minds, and hence their position, I think they are looking behind and not in front.

[Cobra]

Hello cobra.

Can you post Spx/Nymo?

Thank you.

NYMO only updates EOD, so no point to post here. Besides, you can always find all the charts I'm talking in my public chart book.

[Mr. BachNut]

Have added to hedge with index shorts. Effectively neutral at this point.

Amazed at McClellan Oscilator.

[Cobra]

Cobra, what is the typical behavior after "an exhaustion bar"? Going down? Thanks.

pullback.

IMHO, with yesterday's ugly closing, bulls can sit tight and ride longer today.

I really have a doubt about bulls today, just I don't fight the trend.

[EvilTrader]

Maybe end-of-the month + monday holiday is making wall streeters afraid of being short or losing the rally !!!

Its a dangerous market to short right now, but life is dangerous as well.

[jarbo456]

aapl a big laggard right now.